Things To Know Before Setting Up a Renovation Business in Calgary
Are you ready to dive into the deep ocean of entrepreneurship? Starting a renovation business is like starting any other; some essential boxes need to be checked: nature of the business, target audience, location, availability of capital, running cost, marketing, and several more.
In this case, the nature and location of the business have been decided already, but there are still several things to know. Stick with me as we explore them:
1. Knowledge of the Market.
Before starting a business, you need to know the market. For a commercial remodelling business, you need to know the processes and skills involved, your ideal audience, and their income level. For a place like Calgary, a high-end income city in Alberta, Canada, the kind of services needed will be tech-savvy and aesthetically pleasing, so your business should be able to meet the need and cater to the lifestyle of the inhabitants.
2. The Niche
Due to the nature of buildings, your renovation business in Calgary could be restricted to a few building types, e.g., condominiums. You might need to decide whether to specialize or be a generalist. There are diverse facets of renovation, and some are listed below;
- Tile and flooring
- Paint and wallpaper
- Doors and windows
- Small appliances
- Electrical and plumbing
- Heating and cooling
- Landscaping and gardening materials
- Home decor and furniture
- Kitchen and bathroom cabinets.
Specialization gives you an edge in the market, though. Pick one or two skills, master the art, and your excellent services will separate you from other pre-existing businesses. Don’t give bad, mediocre service while trying to be a jack-of-all-trades.
3. Decide On Your Name
Depending on the business structure: sole proprietorship, partnership, corporation, and limited liability corporation, your business name should give out what your business is about at first glance. It should be self-defining, e.g., Jake and Co. Plumbing.
4. Invest In Building Trust
How fast your business grows depends not only on how good your services are but also on what people are saying about your services. Your aim should be to provide a service that gets people talking positively about you. Word of mouth marketing is essential because it steers decision-making. Building your customers’ trust in you by promptly delivering or over-delivering is one way to spread positive buzz about your brand.
Strive to leave your customers overly satisfied that they don’t stop raving about your business to their friends, family, and colleagues.
5. Licensing and Insurance
Get your papers right. You need a document showing you know what you are doing; it is unlikely anyone will hire or trust you with their project without a license. Also, being insured against whatsoever risks that might occur while on site is also important. Get a valid Certificate of Insurance before going into the market.
6. Funding
Financing is an important thing to note before starting. Considering the cost of purchasing equipment and tools and running the whole business outfit, do you have the finances to run the business fully, or will you need a loan from a bank?
Will you hire an accountant or handle cash flow yourself? How would the location affect profitability in the long run?
Starting a renovation business in Calgary would be profitable since it is a high-rise city experiencing economic bloom. Still, it would be best to get started on reasonable financial grounds.
